How do I go about financing the truck?

Discussion in 'Trucker Taxes and Truck Financing' started by chris_karr, Dec 15, 2018.

  1. chris_karr

    chris_karr Light Load Member

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    I am looking to lease on to an outfit for a percentage of gross, once approved by them, how do i go about financing the truck? I plan to put down 15% on a $162,000 truck that has 15 miles on it. I was asked if I wanted to do lease purchase and I told them i'd rather a separate institution hold my note. (not that this matters to this.)

    What information would I need to provide the bank/financing company? Also, what information would I need to gather from the carrier I am planning to lease on to?

    I am a bit new to this whole financing thing as I primarily pay cash for everything except gas and groceries with a credit card to build credit.
     
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  3. truckdriver31

    truckdriver31 Road Train Member

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    pay cash for a solid used truck.
     
  4. Sharky88

    Sharky88 Heavy Load Member

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    Well... Who are you buying from? A dealer I assume? You would fill out a credit app and go from there. Do not do a lease purchase from the company your leasing to. They have too much control.
     
  5. snowwy

    snowwy Road Train Member

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    I wanna know how one gets a truck with 15 miles on it.

    The 2 new trucks i got had over 1500 miles on them.
     
  6. SteerTire

    SteerTire Road Train Member

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    Ask them to drop the drive line when they pull it ;)
     
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  7. Gdog66223

    Gdog66223 Road Train Member

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    If you can't afford to buy one outright with cash then you can finance one but I wouldn't go just anywhere. Do you have a good relationship with your bank? That might be an option there to try and finance your truck.
     
  8. SteerTire

    SteerTire Road Train Member

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    Talk to your bank. You’re not getting a truck financed this year.

    After the first, maybe. But that bank is going to need a lot more than your 15% down before they say much more than NO. A lot more.
     
  9. Gdog66223

    Gdog66223 Road Train Member

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    My bank told me 20% down will get me anything I want.
     
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  10. SteerTire

    SteerTire Road Train Member

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    He has 15 :p

    When I said more than 15, I wasn’t talking about the money. I talking about how does he intend to repay it.

    They want to know these things
     
  11. Cam Roberts

    Cam Roberts Road Train Member

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    Company drivers won’t get to take the plastic off the seats brotha. Someone else will fart in them for 1500 miles before you take the helm. Buy one yourself and it will have 15 miles on it unless you had a dealer located the one you wanted from another state and had someone drive it to your state. If you want one with 15 miles in it, you gonna have to order one new or buy one off the lot that the dealer ordered
     
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